UC Regents increase law rates Forum

[pany1985]

That whole "phasing out support of all UC professional schools" thing sounds bad

[deadatheist]

DA, that is horrifying. I may have picked Fordham, but I'm still- wow, I'm just horrified.

i know, it's a most ca-razy time out here.

ps you are always up soo late over there!

[jetlagz28]

Raise your hand if you voted against Schwarzenegger's original budget.

So few understood or voted in the May election.

[pany1985]

Can't they just sell off some state land for outrageous prices and make some money that way? It doesn't take too many beachfront lots to make a bunch of millions...

[OperaSoprano]

DA, that is horrifying. I may have picked Fordham, but I'm still- wow, I'm just horrified.

i know, it's a most ca-razy time out here.

ps you are always up soo late over there!

I'm an insomniac, darling, but tonight I'm crying for Hastings. It doesn't even seem real.

I'll be in SF to see my family in two weeks. I hope things turn around soon.

[deadatheist]

there's a lot of coverage today, the most thus far.

i recommend in google news plugging in

"uc hastings" or "uc regents" select "last day" then click on the green link "all ___ articles >>" for thorough coverage

that should help keep you posted from here on out!

[General Tso]

there's a lot of coverage today, the most thus far.

i recommend in google news plugging in

"uc hastings" or "uc regents" select "last day" then click on the green link "all ___ articles >>" for thorough coverage

that should help keep you posted from here on out!

Ahnold speaking on budget cuts in 10 minutes if anyone interested/has access to TV

[deadatheist]

Ahnold speaking on budget cuts in 10 minutes if anyone interested/has access to TV

oh. you don't need tv, live webcast: http://gov.ca.gov/

[General Tso]

I am obviously not an expert on CA politics, having moved here only a year ago. My impression, though, is that higher education will not be a very high priority in this crisis. When the legislature has to consider firing 5,000 state workers and cutting welfare benefits for 500,000 people, trying to save an extra $7,000-10,000 per year for a few thousand law students who can easily borrow the money will probably not seem to be a high priority.

It's obvious that cuts have to be made, given that the state is about 4 weeks away from running out of cash. I just don't see much hope for the UC's in this scenario.

[OperaAttorney]

This is unreal. I feel sorry for folks going to UC law schools. At the beginning of my cycle, I really wanted Berkeley and was miffed when it dinged me. Little did I know my ding was a blessing in disguise.

[Mr. Matlock]

As a CA resident, all I can say is I'm not surprised. This state has one of the worst run state legislature and constitutions in the country. Anytime you give people the chance to disburse money piecemeal via endless ballot measures while at the same time letting "the good times roll" during boom periods by spending money hand over fist; THIS IS WHAT HAPPENS.

Californians are the heaviest taxed people in the country. The whole thing is an insane mess controlled by insane special interest groups.

Declare bankruptcy for CA, tear up the state constitution, and start from scratch. Anything else is just a band-aid holding back the inevitable.

[General Tso]

As a CA resident, all I can say is I'm not surprised. This state has one of the worst run state legislature and constitutions in the country. Anytime you give people the chance to disburse money piecemeal via endless ballot measures while at the same time letting "the good times roll" during boom periods by spending money hand over fist; THIS IS WHAT HAPPENS.

Californians are the heaviest taxed people in the country. The whole thing is an insane mess controlled by insane special interest groups.

Declare bankruptcy for CA, tear up the state constitution, and start from scratch. Anything else is just a band-aid holding back the inevitable.

Actually my state income taxes in MS were almost identical to those in CA. Although there is an additional local tax in CA that I pay of about 30-40$ per paycheck. Also sales tax is higher in CA, and I bet property taxes are as well even though I've never paid those. But income tax isn't that far off from what I had before.

[leron]

the top marginal tax rate in CA is 9.3% plus an additional 1% for those making > approx 1M. the 9.3% bracket is reached at about 40k income.

i think mississippi's top rate is 5% which is reached at 10k income

so, yeah, your effective tax rate is about the same given your income level (if it's around 40k-60k). personally, i pay a lot more in CA than I would in MS because of my income level

[General Tso]

the top marginal tax rate in CA is 9.3% plus an additional 1% for those making > approx 1M. the 9.3% bracket is reached at about 40k income.

i think mississippi's top rate is 5%

I was actually going to mention that. I was thinking that the progressive rate in CA might mean that people richer than me pay higher taxes. I currently earn 40k so I suppose I am in the lowest tax bracket.

[leron]

damn, took the words right out of my mouth. just edited the above

[General Tso]

damn, took the words right out of my mouth. just edited the above

Hey leron, where is a good site to check out the tax rates for each state?

edit:
nm found it:
--LinkRemoved--

[UCInfo]

Actually my state income taxes in MS were almost identical to those in CA. Although there is an additional local tax in CA that I pay of about 30-40$ per paycheck. Also sales tax is higher in CA, and I bet property taxes are as well even though I've never paid those. But income tax isn't that far off from what I had before.

Property taxes in California are relatively low as a percentage of property value due to Proposition 13. The dollar amounts may not seem low because homes are worth a lot more here, but as a percentage of value, property taxes are low. That's one reason the income and sales taxes are so high -- the state has to make up for all the lost tax revenue from property.

In many neighborhoods, particularly older ones, you will find new homeowners paying several times what their neighbors do as a quirk of Proposition 13 -- while new homeowners pay 1 percent of purchase price, neighbors who have lived there since 1978 pay closer to 2/5 of 1 percent, and the state loses 3/5 of property tax revenue on each of those homeowners. Warren Buffett has repeatedly noted how ridiculous it is that he pays less in property taxes on his million-dollar beachfront home in California than a young couple buying a small suburban tract house. Businesses also benefit in the same way. Californians voted for Prop 13 because they didn't want retirees getting tossed out of their homes when property values spiked, but it has had lasting effects, and the state has tried to make up for it by service cuts and increasing other taxes.

[leron]

i don't know of one good site. i usually just google something like "CA tax rates" or "CA tax brackets" then look for the link that goes to the most official-looking URL (usually the one that goes to the state's tax authority).

i'm a cpa/tax accountant and have worked with people with issues in just about every state so a lot of this comes from memory/experience

[General Tso]

i don't know of one good site. i usually just google something like "CA tax rates" or "CA tax brackets" then look for the link that goes to the most official-looking URL (usually the one that goes to the state's tax authority).

i'm a cpa/tax accountant and have worked with people with issues in just about every state so a lot of this comes from memory/experience

You have a pretty good memory then. You were right on both CA and MS maximum income tax levels.

[law0000]

As a CA resident, all I can say is I'm not surprised...tear up the state constitution, and start from scratch.

hear, hear!

[OperaSoprano]

Actually my state income taxes in MS were almost identical to those in CA. Although there is an additional local tax in CA that I pay of about 30-40$ per paycheck. Also sales tax is higher in CA, and I bet property taxes are as well even though I've never paid those. But income tax isn't that far off from what I had before.

Property taxes in California are relatively low as a percentage of property value due to Proposition 13. The dollar amounts may not seem low because homes are worth a lot more here, but as a percentage of value, property taxes are low. That's one reason the income and sales taxes are so high -- the state has to make up for all the lost tax revenue from property.

In many neighborhoods, particularly older ones, you will find new homeowners paying several times what their neighbors do as a quirk of Proposition 13 -- while new homeowners pay 1 percent of purchase price, neighbors who have lived there since 1978 pay closer to 2/5 of 1 percent, and the state loses 3/5 of property tax revenue on each of those homeowners. Warren Buffett has repeatedly noted how ridiculous it is that he pays less in property taxes on his million-dollar beachfront home in California than a young couple buying a small suburban tract house. Businesses also benefit in the same way. Californians voted for Prop 13 because they didn't want retirees getting tossed out of their homes when property values spiked, but it has had lasting effects, and the state has tried to make up for it by service cuts and increasing other taxes.

I would just like to state that Prop 13 was a horrendous idea and should be overturned as quickly as possible. It's not worse than Prop 8 (could anything be?), but it's definitely up there.

[General Tso]

I would just like to state that Prop 13 was a horrendous idea and should be overturned as quickly as possible. It's not worse than Prop 8 (could anything be?), but it's definitely up there.

Like I said I have only lived in CA for one year now, but it seems too me that everything in CA is geared to benefit the older generations. Old people in CA have it just fine...apartments priced $300-500 below market rents, medicare, etc. Mid-career individuals who have been in CA for 10-15 years probably bought their homes before real estate boom and they got their degrees at bargain prices. And Prop 13 is just one more benefit in their favor.

People like me who have recently moved here are SOL.

[Mr. Matlock]

Actually my state income taxes in MS were almost identical to those in CA. Although there is an additional local tax in CA that I pay of about 30-40$ per paycheck. Also sales tax is higher in CA, and I bet property taxes are as well even though I've never paid those. But income tax isn't that far off from what I had before.

Property taxes in California are relatively low as a percentage of property value due to Proposition 13. The dollar amounts may not seem low because homes are worth a lot more here, but as a percentage of value, property taxes are low. That's one reason the income and sales taxes are so high -- the state has to make up for all the lost tax revenue from property.

In many neighborhoods, particularly older ones, you will find new homeowners paying several times what their neighbors do as a quirk of Proposition 13 -- while new homeowners pay 1 percent of purchase price, neighbors who have lived there since 1978 pay closer to 2/5 of 1 percent, and the state loses 3/5 of property tax revenue on each of those homeowners. Warren Buffett has repeatedly noted how ridiculous it is that he pays less in property taxes on his million-dollar beachfront home in California than a young couple buying a small suburban tract house. Businesses also benefit in the same way. Californians voted for Prop 13 because they didn't want retirees getting tossed out of their homes when property values spiked, but it has had lasting effects, and the state has tried to make up for it by service cuts and increasing other taxes.

I would just like to state that Prop 13 was a horrendous idea and should be overturned as quickly as possible. It's not worse than Prop 8 (could anything be?), but it's definitely up there.

Yea, but the downside would be the amount of people who would then loose their homes. The inflated median home price, at least in LA - OC, is stil well over $350K. That first bill would be an instant heart attack for most.

[UCInfo]

Yea, but the downside would be the amount of people who would then loose their homes. The inflated median home price, at least in LA - OC, is stil well over $350K. That first bill would be an instant heart attack for most.

There's no easy solution. You're right, that first bill would be a heart attack for retirees on fixed incomes living in homes that have appreciated to extraordinary levels. But swheat is also right that young homeowners get screwed by this policy, at least until they hold onto their homes long enough for the next big housing boom. Why should young homeowners pay four times more in property taxes than their bosses who make twice as much and live in nicer neighborhoods? Sure, the middle-age earners paid their dues, I suppose, but from a pure policy standpoint, it's patently unfair.

[OperaSoprano]

I would just like to state that Prop 13 was a horrendous idea and should be overturned as quickly as possible. It's not worse than Prop 8 (could anything be?), but it's definitely up there.

Like I said I have only lived in CA for one year now, but it seems too me that everything in CA is geared to benefit the older generations. Old people in CA have it just fine...apartments priced $300-500 below market rents, medicare, etc. Mid-career individuals who have been in CA for 10-15 years probably bought their homes before real estate boom and they got their degrees at bargain prices. And Prop 13 is just one more benefit in their favor.

People like me who have recently moved here are SOL.

It's absolutely true. I am a native New Yorker, but I was raised in San Francisco and Palo Alto. Those people who bought a generation ago are set for life. My grandfather bought his Woodland Hills home in 1956, paid off his mortgage decades ago, and thanks to Prop 13 (and his own depression-era thrift), has a COL approaching $0.

(Maybe he'll loan me some money for school. I don't think he would even miss $225k.)

I love California. I grew up there, and my parents are still in the Bay Area. This is painful to watch.